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ExxonMobil to proceed with $9B Payara development offshore Guyana

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ExxonMobil has made its final investment decision to proceed with the Payara field offshore development in Guyana after receiving government approvals. Ten drill centers are planned along with up to 41 wells, including 20 production and 21 injection wells. —Liam Mallon, president of ExxonMobil Upstream Oil & Gas Company.

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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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The US Energy Information Administration (EIA) expects global consumption of liquid fuels such as gasoline, diesel, and jet fuel, to set new record highs in 2024. EIA also expects oil production in Canada, Brazil, and Norway collectively to grow 12% from 2022 to 2024, and also expects growth from new sources such as Guyana.

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EIA forecasts growing liquid fuels production in Brazil, Canada, and China through 2023

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The US Energy Information Administration (EIA) forecasts that liquid fuels production in Brazil, Canada, and China will increase this year and next, contributing to growth in overall non-OPEC petroleum production. The United States will account for about 60% of the growth in combined liquid fuels production in all non-OPEC countries.

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ExxonMobil evaluating significant near-term capital and operating expense reductions; COVID-19

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Woods the had also outlined progress on key projects that support ExxonMobil’s growth plans, including: In Guyana, the estimated gross recoverable resource from the Stabroek Block increased to more than 8 billion oil-equivalent barrels, in part as a result of six additional discoveries made in 2019 and 2020.

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ExxonMobil seeking to boost growth, continue work on lower-emissions technologies including biofuels and carbon capture

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During the meeting, Woods highlighted progress on major upstream projects that are expected to help increase production to about 5 million oil-equivalent barrels per day by 2025. Those projects include plans to increase production in the Permian Basin to 1 million oil-equivalent barrels per day by 2024. —Darren Woods.